News Clarification against news item titled “Pakistan Steel, PIA, OGDCL to be privatised by June” published in Daily Dawn on 19th January 2017

News Clarification against news item titled “Pakistan Steel, PIA, OGDCL to be privatised by June” published in Daily Dawn on 19th January 2017

Islamabad, 19th January, 2016: The Privatisation Commission would like to clarify the abovementioned news item published in the Daily Dawn on 19th January 2016. The article was based on an exclusive interview offered by the Commission itself which aimed to update the public about key transactions this year.

PC would like to strongly emphasize that during the interview, PC Chairman categorically referred to the transaction of PIA to be focused on restructuring and not privatisation, as it has been wrongly presented in the headline. It is very important to clarify this point, as the restructuring process is based on a completely different approach and process. PIA’s transaction will be based on a business plan which focuses on reorganizing the entity and its key functions to improve its operational efficiency rather than selling the entity off to a third party investor.

Reference to OGDCL shares, PC would like to clarify that OGDCL is already a listed company with the Government currently owning 74.97% shares. There is no plan to privatize OGDCL. The present proposal is only to divest up to 5% of GoPs residual shareholding in OGDCL subject to approval by the Cabinet Committee on Privatisation (CCoP).

The Privatisation Commission hopes that this clarification will put to rest all speculations which have been generated as a result of the confusion created in certain parts of the media.